Types of Health Insurance

Types of Health Insurance

Out of the innumerable insurances that flock the market, one of the most vital insurance is indeed the health insurance. It is one of the most premium class of insurance and is opted by most of the individuals who move in for insurance. The health insurance covers all your medical expenses in case of requirement. Though the annual or monthly premium of the health insurances are quite high, yet it is far better than burning holes in the pocket with huge hospital bills.

There are innumerable insurance companies in the market which offer health insurances. Let us have a glance at the various types of health insurances that you can opt for

1    Individual Mediclaim plans

This is the most common type of health insurance plan. One individual’s entire hospitalization cost upon admission due to illness or accident is borne by the insurance company in return of the premium you pay. The expenses are borne by the insurance company up to a certain level usually termed as the sum covered. It is always better to buy an individual insurance plan at an early age because the premium that is determined on the basis of age, is usually directly proportional with the age

2  Senior citizen health insurance

It is a health insurance plan exclusively designed for people above 65 years of age when the medical cost becomes quite high. This plan also insures the hospitalization and other effective medical costs. These plans come with higher premium

3   Family floater health insurance

This is a one stop insurance plan for your entire family. All the members of the family are insured under this plan. The premium is based on the age of the eldest member. This aims at providing hospitalization claims by any member of the family that is insured

4   Group health cover

This is an excellent plan for employees in any organization. It actually comes as a perk from the employer. There is a set of specific benefits that are offered

These are the most common types of Indemnity or age-old conventional health insurance policies. With the changing pattern of lifestyle, few common yet extremely critical diseases have become part and parcel of a majority of population. For such cases, you can go for the critical illness health insurance plans.

This plan is applicable for certain diseases only. The list comprises of

·        Cancer

·        Stroke

·        Transplantations

·        Hypertension

·        Heart attacks

·        paralysis

And many more

These days, accident insurance plans are also in trend and is being considered as a type of health insurance.

The latest addition in the world of health insurance is health savings account. The preliminary benefit of this plan is that it is highly tax favored.

Health maintenance organization (HMO), Preferred provider organization (PPO), Exclusive provider organization (EPO) are the few types of health insurances which are not exactly the conventional insurance policies. These mostly aim at extending the base of health insurances wider in to health service provision rather than only hospitalization costs.